Colliers International Group Inc. · TSX:CIGI
Colliers International — Q4 2016 Earnings Presentation
20 slides from Colliers International's earnings presentation, Feb 15, 2017
Slide 1: Fourth Quarter 2016 Financial Results
Colliers International Group Inc. Fourth Quarter 2016 Financial Results February 15, 2017
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements included herein constitute “forward‐looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward‐looking statements involve known and unknown risks, uncertainties and other factors which may cause the
Slide 3: Fourth Quarter 2016 Results
Fourth Quarter 2016 Results Record fourth quarter results Completed the acquisition of UK building consultancy and project management business Strengthened New York presence with the recruitment of two strategic retail and capital markets teams Announced merger agreement with Colliers Parris
Slide 4: Full Year 2016 Results
Full Year 2016 Results Record operating results for 2016 despite political uncertainty and more challenging market conditions than prior year Continued revenue diversification o 38% of 2016 revenues from Outsourcing & Advisory services, up from 37% in 2015 Completed ten strategic tuck-in acqui
Slide 5: 2016 Results Summary
2016 Results Summary (US$ millions, except per share amounts) % Change over Q4 2015 Q4 2016 Q4 2015 USD LC Revenue 576.0 556.1 4% 5% Adjusted EBITDA 90.4 79.1 14% 17% Adjusted EBITDA Margin 15.7% 14.2% Adjusted EPS 1.22 1.06 15% GAAP Operating Earnings 76.1 65.0 17% GAAP Operating Earnings Margin 13
Slide 6: 2016 Consolidated Revenues
2016 Consolidated Revenues (US$ millions) Q4 Revenue Full Year Revenue Outsourcing & Advisory (1) Sales Brokerage Lease Brokerage % Change over Q4 2015 USD LC % Change over FY 2015 USD LC Outsourcing & Advisory 4% 6% Outsourcing & Advisory 13% 16% Sales Brokerage 4% 5% Sales Brokerage 10% 12% Lease
Slide 7: Fourth Quarter Geographic Split
Fourth Quarter Geographic Split (US$ millions) Q4 2016 Revenue Q4 2016 Adjusted EBITDA(1) Q4 2015 Revenue Q4 2015 Adjusted EBITDA(2) 7 Colliers International 2017 (1) Q4 2016 GAAP Operating Earnings: $29.4M Americas, $28.8M EMEA, $22.9M Asia Pacific (2) Q4 2015 GAAP Operating Earnings: $29.8M Americ
Slide 8: Full Year 2016 Geographic Split
Full Year 2016 Geographic Split (US$ millions) 2016 Revenue 2016 Adjusted EBITDA(1) 2015 Revenue 2015 Adjusted EBITDA(2) 8 Colliers International 2017 (1) 2016 GAAP Operating Earnings: $85.3M Americas, $34.3M EMEA, $45.6M Asia Pacific (2) 2015 GAAP Operating Earnings: $69.2M Americas, $38.8 EMEA, $4
Slide 9: Americas Q4
Americas Q4 (US$ millions) 5% revenue increase on a local currency basis impacted by a 3% internal revenue decline in local currencies offset by 8% growth from recent acquisitions Internal growth impacted by a slight decrease in Sales and Lease Brokerage which impacted revenue mix and EBITDA Rev
Slide 10: EMEA Q4
EMEA Q4 (US$ millions) 7% revenue increase on a local currency basis, with 11% growth from recent acquisitions partially offset by an internal revenue decline of 4% Internal growth was impacted by a slight decrease in Outsourcing & Advisory activity and Sales Brokerage in the UK when compared to
Slide 11: Asia Pacific Q4
Asia Pacific Q4 (US$ millions) 2% internal revenue growth in local currencies Internal growth was driven by Outsourcing & Advisory and Sales Brokerage activity in Australia and Hong Kong Adjusted EBITDA was up 16% versus prior year quarter, due to operational improvements Revenue Adjusted EBIT
Slide 12: Capitalization & Capital Allocation Overview
Capitalization & Capital Allocation Overview (US$ millions) December 31, 2016 December 31, 2015 Highlights Cash $ 113.1 $ 116.2 Subsequent to year end, existing $525 million Total Debt 262.5 260.9 multi-currency revolving credit facility maturing Net Debt $ 149.4 $ 144.8 June 2020 was increased to
Slide 13: Looking Ahead
Looking Ahead 2017 Outlook o Predicated on no material changes from 2016 market conditions o Solid revenue pipelines in most markets, tempered by political risk and greater uncertainty o High single digit to low double digit percentage revenue growth in local currency, given acquisitions completed
Slide 14: Appendix: Reconciliation of non-GAAP measures
Appendix: Reconciliation of non-GAAP measures
Slide 15: Reconciliation of GAAP earnings to adjusted EBITDA
Reconciliation of GAAP earnings to adjusted EBITDA Three months ended Twelve months ended December 31, December 31, December 31, December 31, (US$ thousands) 2016 2015 2016 2015 Net earnings from continuing operations $ 50,320 $ 42,819 $ 91,571 $ 39,915 Income tax 23,691 20,476 47,829 32,552 Other i
Slide 16: Reconciliation of GAAP earnings to adjusted net earnings and adjusted EPS
Reconciliation of GAAP earnings to adjusted net earnings and adjusted earnings per share Three months ended Twelve months ended December 31, December 31, December 31, December 31, (US$ thousands) 2016 2015 2016 2015 Net earnings from continuing operations $ 50,320 $ 42,819 $ 91,571 $ 39,915 Non-cont
Slide 17: Appendix: Full Year Regional Details
Appendix: Full Year Regional Details
Slide 18: Americas Full Year
Americas Full Year (US$ millions) 3% internal revenue growth in local currencies and 13% growth from recent acquisitions Internal growth was driven by strong Outsourcing & Advisory activity Margin expansion from operating leverage and the favorable impact of acquisitions Revenue Adjusted EBITD
Slide 19: EMEA Full Year
EMEA Full Year (US$ millions) 3% internal revenue growth in local currencies and 8% growth from recent acquisitions Internal growth was driven by solid growth in Outsourcing & Advisory services and Lease Brokerage Adjusted EBITDA was down 1% (up 3% in local currencies) from prior year impacted
Slide 20: Asia Pacific Full Year
Asia Pacific Full Year (US$ millions) 5% internal revenue growth in local currencies Internal growth across all three service lines Adjusted EBITDA was up 8% due to operating leverage Revenue Adjusted EBITDA(2) (Adjusted EBITDA Margin) Outsourcing & Advisory (1) Sales Brokerage 12.9% 12.4% Lea
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